The FED meting tomorrow brings out the buyers today. The Dow was up 100 while NAZ was up 12. Advance/decline ratio was almost 2, not very exciting on a major up day. Volume was a little light, again fairly typical on the day before a meeting. They are expecting rate cuts for Fed Funds & the discount rate with hopes the Fed Funds rate will be cut ½ point. The FED seems anxious to please, I'm expecting the bigger rate cut. Largely gone unnoticed, the Treasury bond has fallen back raising the yield to 4.15% up 30 basis points from just a few days ago. Maybe some of that money has been going into stocks. About all we can do now is wait & see how the stock market plays out tomorrow.
In terms of bargains, MLPs have been trading flat for a few weeks. Nothing wrong, that's the way it is. They have nice yields & generally are quick to raise distributions. They are tax efficient but all represent tax hassle. Bargain hunters might take a look.
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